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California Weekly Market Data ending February 12, 2024

Housing affordability remains at 16-year low in the fourth quarter of 2023

With home prices expected to rise in 2024, affordability will remain low but could improve slightly if rates dip meaningfully in the next 12 months. 

Home purchase sentiment reaches highest level in nearly two years

With affordability expected to improve slightly but remain low in coming quarters, home purchase sentiment could inch up in 2024 but the increase will be mild.

Business leaders feeling more positive about the economy

CEO’s optimism about the current economic conditions has improved solidly at the beginning of the year compared to the previous quarter, according to the Conference Board Measure of CEO Confidence.

Short-term inflation expectations remain mostly stable

Consumers expectations on inflation a year from now were mostly unchanged in January, according to the latest New York Fed’s Survey of Consumer Expectations.

Construction spending gains momentum at the end of 2023

With existing housing supply remaining tight and mortgage rates expected to trend down in the next 12 months, residential spending – single-family outlays in particular – should rise further as home builders continue to scale up production in 2024.

Preliminary market data collected in the past few weeks also indicates that both sales and listings have been slowly improving since the end of 2023. If this market momentum continues, the California housing market could see an encouraging start for 2024.

SOURCE : California Association of Realtors

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